Wholesale gas prices in Europe have fallen after a planned strike at Australia’s largest liquefied natural gas plant looked to have been averted.
The walkout at Woodside Energy’s North West Shelf plant had threatened to disrupt global LNG supplies, driving up gas prices sharply.
But on Thursday the firm reached an agreement in principle with unions, which it is hoped will halt the strike.
Benchmark EU and UK gas prices are down almost 33% since their peak on Tuesday.
Employee representatives at the North West Shelf plant said they were “supportive of the in-principle agreement” with Woodside Energy and would vote to ratify the deal on Thursday.
“It’s pleasing that Woodside has made our members a strong offer without industrial action being taken,” union alliance spokesman Brad Gandy said.
